Gas prices drop overnight, part of the new norm of wild swings, experts say: "The world is running out of easily accessible oil, he argues. That means we’re running out of cheap oil.
It costs less than $5 a barrel to extract typical Saudia Arabian oil, compared with about $80 a barrel for Alberta oilsands oil, he says.
Other “unconventional” sources, such as oil from Siberia or the deep ocean, will also be “very, very expensive — magnitudes more expensive” than cheap sources."
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